Source Pravda.Ru

Central Bank Head on Ruble's Strengthening

A 6-percent strengthening of the ruble by the end of 2003 would be a pretty good result, Russian Central Bank Chairman Sergey Ignatyev declared today. According to him, this is the most suitable variant amid high world oil prices.

Ignatyev added that in 2003 the Central Bank's tasks were to decrease the inflation and prevent the ruble's sharp strengthening. Although these goals are contrary, the Central Bank will try to achieve the set tasks, Ignatyev pointed out.

The Central Bank Chairman also mentioned that according to preliminary estimations, the ruble real rate strengthened by 3-3.5 percent in the first three months of this year. The inflation rate was 5-6 percent in the first quarter of 2003.

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